NEAR Protocol (NEAR) is moving in an upward consolidation phase following the changing conditions in the crypto market. However, the NEAR price breakout is also supported by rising open interest. According to CoinMarketCap, as of Saturday, May 9, the NEAR is currently trading at $1.58, with the gain of 2.39% over the last 24 hours.
Source: CoinMarketCap
NEAR Derivative Data Point to Increasing Strength
According to Coinglass, the NEAR open interest increased by 7.92% to $332.37 million, showing rising market engagement and new positions entering the derivatives market. This growth reflects heightened speculative activity and improved trader confidence, contributing to stronger liquidity and potential future volatility.
Source: Coinglass
However, trading volume remained stable at $423.77 million, indicating consistent market activity and balanced participation from traders. The stability suggests no significant spikes or drops, reflecting steady liquidity conditions and ongoing interest in the asset.
Also Read: NEAR Protocol (NEAR) Consolidation Signals an Explosive Move to $1.85
NEAR Price Breaks $1.50 as Bulls Target $3 Rally
Furthermore, the data from Rand Group revealed that the NEAR price has surpassed the critical resistance level of $1.50, which has been the major barrier to any rise in price for a couple of weeks.
It is a clear indication that bulls have managed to soak up all the selling pressure and turn a resistance level into support.
Source: Rand Group’s X Post
As long as $1.50 holds up, attention is focused on the next significant level at $3. The ability to maintain upward momentum and see strong volume will be essential in order to sustain the uptrend.
While retracements in the short term should not be entirely unexpected, optimism has increased due to expectations for a larger upward trend.
Technical Indicators Support Upward Potential
According to TradingView, the NEAR price is currently trading at $1.58660 and approaching the upper boundary of the Bollinger band.
The NEAR price experienced a decline in February to below $0.92 but soon recovered and continued on an uptrend, creating a series of higher lows. Currently, it continues to stay above its 1.38324 middle simple moving average (SMA).
Source: TradingView
Technical indicators confirm that the trend is healthy. First, MACD has formed a positive crossover pattern, whereby the blue line has crossed the signal line in an upward move.
The rising bars of the green histogram show the growing buying pressure. Even though the price has risen a little too much towards the upper band, the outlook remains positive.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: NEAR Protocol Price Prediction: Is a Drop to $1.22 the Setup for a Strong Bounce?
